>>> Europe : Brokers Upgrades & Downgrades - 10th of January 2025

>>> Up
* Alcon AG Raised to Buy at Redburn; PT 93 Swiss francs
* Antofagasta Raised to Equal-Weight at Morgan Stanley
* Deutsche Telekom Raised to Buy at UBS; PT 33 euros
* DSM-Firmenich Raised to Outperform at BNPP Exane; PT 128 euros
* FLSmidth Raised to Neutral at Goldman; PT 375 kroner
* Gilead Raised to Overweight at Morgan Stanley; PT $113
* Hannover Re Raised to Outperform at BNPP Exane; PT 285 euros
* NXP Semi Raised to Buy at Goldman; PT $257
* Reckitt Raised to Overweight at Morgan Stanley; PT 5,500 pence
* Snowflake Raised to Overweight at Barclays; PT $190
* UnitedHealth Raised to Buy at HSBC; PT $595
* Vinci Raised to Outperform at BNPP Exane; PT 121 euros
* YPF ADRs Raised to Overweight at JPMorgan; PT $59.50

>>> Down
* Aena Cut to Neutral at Citi; PT 210 euros
* AMD Cut to Neutral at Goldman; PT $129
* Croda Cut to Equal-Weight at Morgan Stanley; PT 3,700 pence
* Haleon Cut to Equal-Weight at Morgan Stanley; PT 410 pence
* Haleon ADRs Cut to Equal-Weight at Morgan Stanley; PT $10.20
*
* ON Semi Cut to Hold at Truist Secs; PT $60
* Scor Cut to Neutral at BNPP Exane; PT 26 euros
* Serco Cut to Hold at Jefferies; PT 175 pence
* Wacker Chemie Cut to Hold at Stifel; PT 77 euros

>>> Initiation
* BioNTech ADRs Rated New Buy at Truist Secs; PT $172
* Liontrust Rated New Underperform at RBC; PT 390 pence
* Polar Capital Rated New Outperform at RBC; PT 600 pence
* SIG Group Rated New Overweight at Morgan Stanley

>>> Call
* *CITI STRATEGISTS RAISE GLOBAL HEALTH CARE STOCKS TO OVERWEIGHT